Information Services Market Characteristics
The information services market consists of the sales of information services by entities (organizations, sole traders or partnerships) that provide news reports, articles, pictures, public historical documents, photographs, maps, audio material, audiovisual material, and other archival material of historical interest. These entities include news syndicates, libraries and archives.
Competitive Landscape of the Information Services Market
Major players in the global information services market include Bloomberg, RELX Group, Wolters Kluwer, Associated Press, Thomson Reuters.
Information Services Market Size
The information services market size is expected to reach $160 billion by 2022, significantly growing at a CAGR of around 4.5% during the forecast period. The growth in the information services market is due to growth of increasing internet penetration, increasing websites and mobile applications, and technology development
However, the market for information services is expected to face certain restraints from several factors such as competition from blogs, capital intensive.
Information Services Market Segmentation
The global information services market is further segmented based on type and geography.
By Type - The information services market is segmented into libraries and archives, all other information services and news syndicates, among these segments, the libraries and archives market accounts for the largest share in the global information services market.
By Geography - The global information services is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, the North America information services market accounts the largest share in the global information services market.
Trends in the Information Services Market
Open source has become a preferred platform for developing new technology. In the past, software publishers would open source software that was not making money, but now companies are open sourcing software to increase its presence and share in the market. According to Allison Randal, President, Open Source Initiative, 78% of companies use open source solutions and 64% participate in open source projects indicating an increase in open source software platforms to build applications in 2015.
Potential Opportunities in the Information Services Market
With emerging markets growth, increase in the number of internet users, social media, the scope and potential for the global information services market is expected to significantly rise in the forecast period.